Bank customers begin payment of charges for deposits, withdrawal of cash
The objective of the “transaction fees” is to give vent to the Central Bank’s policy designed to reduce cash in use.
“Corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for lodgments above N3 million. Also to further promote the cashless economy and to enhance the collection of applicable government revenues, the CBN announced a review of the process for merchant settlement.
“The cash-less policy provides safe and efficient mechanisms for making and receiving payments with minimum risks to the CBN, payment service providers and end-users.
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